The benchmark Sensex and Nifty indices are expected to open positively today, with trends in the GIFT Nifty indicating a higher start for the broader index with a gain of 71 points.
In the previous session on April 3, the Indian market closed flat amidst high volatility. The Sensex ended down 27.09 points, while the Nifty was down 18.6 points.
According to the pivot point calculator, the Nifty 50 may encounter resistance at levels of 22,501, 22,542, and 22,609, while immediate support levels are seen at 22,367, 22,326, and 22,260.
In global markets, the S&P 500 and Nasdaq closed higher on Wednesday despite slower growth in the US services industry. Asian markets rebounded following comments from US Federal Reserve Chairman Jerome Powell, with indices like Nikkei and Straits Times rising by 1 percent each.
Key News Highlights:
- Spectrum Auction Postponed: The Department of Telecom has delayed the spectrum auction by two weeks due to the upcoming Lok Sabha elections. The auction, now scheduled for June 6, aims to assign rights to radio spectrum frequencies across various bands.
- NSE to Launch New Indices: The National Stock Exchange (NSE) has announced the introduction of four new indices effective from April 8. These include indices such as Nifty Tata Group 25 percent Cap and Nifty 500 Multicap India Manufacturing 50:30:20, among others.
- Currency and Commodity Markets: The dollar index remains near a four-month high, impacting currencies like the Japanese yen. Gold prices continue to surge, hitting record highs for the fourth consecutive session, while oil prices extend gains amidst supply concerns.
- FII and DII Data: Foreign institutional investors (FIIs) net sold shares worth Rs 2,213.56 crore, while domestic institutional investors (DIIs) purchased Rs 1,102.41 crore worth of stocks on April 3.
- Stocks Under F&O Ban: SAIL and Zee Entertainment Enterprises have been added to the F&O ban list for April 4 by the NSE, while Hindustan Copper remains on the list.
